Good Demand for Vasavi Atlantis
In the aftermath of Covid-19 pandemic situation, the real estate sector is put back on the rails again. Last year, the property prices have registered a grow of 6% on an average. In 2021, the average price per square foot was Rs. 5,826. In 2022, it reached Rs.6,150. The southern India cities of Hyderabad and Banglore have registered 10 per cent growth in property prices.
According to prominent real estate agency, the Anarock the trend is likely to continue this year as well. Property prices in big cities are likely to increase by another 5 to 8 %. Currently, the per sft price of properties in seven major cities is Rs 6,150. This is 11 % more than the prices that prevailed in the last five years. In 2018, the per sft price which was Rs. 5,551 2018 increased in 2022 to Rs. 6,150.
Bengaluru and Hyderabad have recorded the maximum increase of 10 % in average property prices in the last five years. Average property prices in Bengaluru were Rs 4,894 per sft in 2018, but they increased to Rs 5,570 per sft in 2022. As far as Hyderabad is concerned, the average price per square foot in 2018 was Rs. 4,128, but it reached Rs. 4,620 in 2022.
Regarding the rental income, compared to 2019, has decreased in many cities in 2020. Due to Corona, many companies switched over to work from home mode. Many employees left cities for their native places. As a result the rental income has decreased significantly. However, there was a slight increase in rental income during 2021, but there was a good momentum in 2022. Mumbai ranked first with an increase in rents of 3.9%, while Bengaluru ranked second with an increase of 3.8%.
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